CandleFocus $200 Million Solana Longs in Danger as SOL Nears Overbought Zone
2024-10-24
Author: Content Editor
The price of Solana (SOL) has recently broken the $161 barrier for the first time in two months, indicating a strong bullish trend. However, there are concerns about a potential bearish reversal as heavy sell pressure builds up. The liquidation map shows that Solana traders are leaning bullish, with more long contracts than short positions, reflecting confidence in the upward trajectory of SOL. However, this also poses a risk as a price correction could trigger a cascade of liquidations, leading to a further decline in Solana's price. The Relative Strength Index (RSI) is nearing the overbought zone, which could signal a potential reversal. The broader crypto market is also showing signs of caution, and if other major assets experience pullbacks, it could test Solana's momentum. Resistance levels at $175 and $186 are important to watch, and if Solana loses the support level of $161, it could deepen the bearish outlook. Conversely, breaking the resistance at $175 could lead to a surge in price.
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